ART PARTNERSHIP INVENTORY

ART PARTNERSHIP INVENTORY COLLATERAL FOR BOFA LOAN JULY 2014 SOTHEBY'S VALUATION Artist Item Description Total Paid (in USD) Fair Value (% Ownership) or Cost (if not on Appraisal) Fair Value Less Total Paid SUBTOT FMV SUBTOT- UNREAL CEZANNE, PAUL Le Mann or Le Jardinier Vallier vu de face 53,103,750 55,000,000 1,896,250 RAFFAELLO SANZIO, CA Head of a Young Apostle 48,085,198 50,000,000 1,914,802 RAFFAELLO SANZIO, CA Head of a Muse 47,020,045 48,000,000 979,955 MONET, CLAUDE Nympheas 24,356,250 45,000,000 20,643,750 BRANCUSI, CONSTANTI Oiseau dans l'espace (Bird in space) 29,755,440 35,000,000 5,244,560 LEGER, FERNAND Femme cousant: a double-sided painting 16,000,000 35,000,000 19,000,000 MALEVICH. KAZIMIR Elongated Plane 16,820,688 35,000,000 18,179,312 KANDINSKY, VASSILY Skizze for Sintflut II (Sketch for Deluge II) 31,725,250 33,000,000 1,274,750 BRANCUSI, CONSTANTI La muse 11,466,250 32,500,000 21,033,750 KANDINSKY, VASSILY Improvisation 8 27,331,634 27,500,000 168,366 PICASSO. PABLO Femme nue 11,002,500 25,000,000 13,997,500 CEZANNE, PAUL Carriere de Bibemus 7,692,500 22,500,000 14,807,500 MATISSE, HENRI Marocaine en jaune 10,000,000 22,500.000 12,500,000 SMITH, DAVID Cubi II 25,770,000 22,000,000 (3,770,000) CALDER, ALEXANDER Spunk of the Monk 18,221,250 20,000,000 1,778,750 DEGAS, EDGAR Danseuses 11,910,206 20,000,000 8,089,794 MIRO, JOAN Corde et Personnages II 7,036,250 20,000,000 12,963,750 PICASSO. PABLO Buste de femme 9,500,000 18,000,000 8,500,000 MANET, EDOUARD Portrait de Berthe Morisot 25.226,302 15,000.000 (10,226,302) MIRO. JOAN Spanish Dancer 9,363,625 15,000,000 5,636,375 MUNCH, EDVARD Melancholy 11,000,000 15,000,000 4,000,000 DE GOYA, FRANCISCO Bull Held by a Cord 13,146,222 12,000,000 (1,146,222) DELACROIX, EUGENE Choc de cavaliers arabes 8,469,701 11,000,000 2,530,299 DE TOULOUSE-LAUTRE Au bal de l'opera 10,968,634 10,125,000 (843,634) GAUGUIN, PAUL Cylinder with Two Figures 8,128,125 10,000,000 1,871,875 BRUEGEL THE ELDER, F The Drunkard Pushed into the Pigsty 5,499,505 9,000,000 3,500,495 CEZANNE, PAUL Grenade et poires dans une assiette 3,692,500 9,000,000 5,307,500 REMBRANDT VAN RIJN Group of six prints including the Six Portrait, 100 Gui 9,254,375 8,500,000 (754,375) BONNARD, PIERRE Jeunes femmes au jardin (Portrait de Renee Monchz 2,827,811 8,000,000 5,172,189 DE CHIRICO, GIORGIO The Surprise 4,546,500 8,000,000 3,453,500 MOORE, HENRY Two-Piece Reclining Figure: Points 4,347,394 8,000,000 3,652,606 VAN DYCK, SIR ANTHOIN Two Studies of a Bearded Man 7,893,482 7,500,000 (393,482) DEGAS, EDGAR Le repos 4,086,438 7,000,000 2,913,563 PICASSO. PABLO Tete d'homme 9,103,500 7,000,000 (2,103,500) PICASSO. PABLO Tete moustachue 8,165,625 7,000,000 (1,165,625) SMITH, DAVID Voltri-Bolton I 2,706,250 7,000,000 4,293,750 740,125,000 184,901,800 Page 1 of 6 EFTA01146273 ART PARTNERSHIP INVENTORY COLLATERAL FOR BOFA LOAN JULY 2014 SOTHEBY'S VALUATION Artist Item Description Total Paid (in USD) Fair Value (% Ownership) or Cost (if not on Appraisal) Fair Value Less Total Paid SUBTOT FMV SUBTOT- UNREAL MATISSE, HENRI Jeannette V 2,750,000 6,500,000 3,750,000 CALDER, ALEXANDER Mobile 3,758,125 6,000,000 2,241,875 DAVID, JACQUES-LOUIS Portrait de Francois-Antoine Passe, Prince de Gavre 2,273,250 6,000,000 3,726,750 KANDINSKY, VASSILY Above and Left 6,177,375 6,000,000 (177,375) MANET, EDOUARD Huitres 6,502,500 6,000,000 (502,500) CEZANNE, PAUL Le jardin des Lauves: Vue sur Aix et le Cathedrale dE 5,960,625 5,500,000 (460,625) BRAQUE. GEORGES Le gueridon 1,732,000 5,000,000 3,268,000 VAN GOGH, VINCENT Wheat Field with Sheaves 2,265,131 5,000,000 2,734,869 GAUGUIN, PAUL Self-Portrait 5,062,688 4,500,000 (562,688) LEONARDO DA VINCI Madonna del Gatto 3,338,547 4,500,000 1,161,453 GORKY. ARSHILE Study for Agony 3,000,000 4,000,000 1,000,000 KELLY, ELLSWORTH Untitled 3,650,750 4,000,000 349,250 KLEE, PAUL Untitled 4,725,220 4,000,000 (725,220) MANET, EDOUARD Portrait de Constantin Guys 1,652,500 4,000,000 2,347,500 SCHONGAUER Group of Prints, Including the large Crucifixion 4,355,000 4,000,000 (355,000) BALDUNG, HANS Head of a Man, in Three-Quarter-Profile to the Left 4,022,880 3,700,000 (322,880) DAUMIER. HONORE Galerie de tableaux (Les Amateurs de tableaux) 3,810,625 3,500,000 (310,625) DAVID, JACQUES-LOUIS Les amours de Paris et Helene 4,928,028 3,500,000 (1,428,028) DUVET, JEAN Group of Prints including the Apocalypse 3.810,625 3,500,000 (310,625) MIRO, JOAN Femme poignardee par le soleil recitant des poemes 1.550,681 3,500,000 1,949,319 MIRO. JOAN Oiseau Lunaire 4.191,688 3,500,000 (691,688) PICASSO, PABLO Paysage 2,500,000 3,500,000 1,000,000 ROTHKO, MARK Black, White, Blue 5,429,315 3,500,000 (1,929,315) CEZANNE, PAUL Sous-bois and Chapeau et fleurs dans une bouteille: 3,320,367 3,000,000 (320,367) CHARDIN, JEAN-SIMEOr Panier de *hes, raisin blanc et noir avec rafralchis 2.267,783 3,000,000 732,217 FRAGONARD, JEAN-HOI L'ile d'amour - la fête a Rambouillet 2.785,777 3,000,000 214,223 KELLY, ELLSWORTH Blue White 2.438,438 3,000,000 561,563 MASTER E. S. Group of 15th Century Prints, Including the initial "M" 3,266,250 3,000,000 (266,250) SCHIELE. EGON Seated Nude Violet Stockings 3,375,125 2,800,000 (575,125) DAUMIER, HONORE La parade 1,312,531 2,750,000 1,437,469 BLAKE, WILLIAM God Blessing the Seventh Day 2,316,008 2,500,000 183,992 DAUMIER. HONORE Parade de Saltimbanques 1,650,000 2,500,000 850,000 DE GOYA, FRANCISCO Gimiendo y Ilorando (Weeping and Wailing) 1,014,844 2,500,000 1,485,156 DEGAS, EDGAR Aux courses 1,082,500 2,500,000 1,417,500 GONZALEZ, JULIO Homme gothique 3,100,324 2,500,000 (600,324) KANDINSKY, VASSILY Entwurf zu "Komposition VII" 1,515,000 2,500,000 985,000 138,750,000 21,857,501 Page 2 of 6 EFTA01146274 ART PARTNERSHIP INVENTORY COLLATERAL FOR BOFA LOAN JULY 2014 SOTHEBY'S VALUATION Artist Item Description Total Paid (in USD) Fair Value (% Ownership) or Cost (if not on Appraisal) Fair Value Less Total Paid SUBTOT FMV SUBTOT- UNREAL LEGER. FERNAND Contraste de formes 1,620,833 2,500,000 879,167 LEONARDO DA VINCI Caricature of a Woman Wearing a Tall Hat and Carl( 784,813 2,500,000 1,715,188 MATISSE, HENRI Femme assise en blouse Roumaine motifs de brode 3,266,250 2,500,000 (766,250) REDON, ODILON Bouquet de fleurs 2,800,000 2,500,000 (300,000) KLEE, PAUL WI (In Memoriam) 2,613,000 2,400,000 (213,000) TURNER, R.A., JOSEPH Entry to the Grand Canal with Santa Maria della Salu 907,375 2,400,000 1,492,625 MANET, EDOUARD La posada (The tavern or Before the Corrida) 2,994,063 2,250,000 (744,063) PICASSO, PABLO Study for 'Nude with Drapery' 744,219 2,250,000 1,505,781 DE GOYA, FRANCISCO La culpa es tuya (test de la faute) (It's all your fault) 2,778,085 2,000,000 (778,085) DORER, ALBRECHT Group of Prints: Woodcuts and Engravings Including 2,177,500 2,000,000 (177,500) FRA BARTOLOMMEO (B Studies of Heads: a double-sided drawing 2,107,894 2,000,000 (107,894) GELLEE, CLAUDE CALL View of Civitavecchia with a Draughtsman and FigurE 2,255,330 2,000,000 (255,330) GERICAULT, THEODORI Episode de la Guerre Coloniale: Noir sur un cheval c 1,438,990 2,000,000 561,010 INGRES, JEAN-AUGUST Raphael and The Fornarina 1,623,750 2,000,000 376,250 VAN MECKENEM, ISRAF Group of Prints 2,177,500 2,000,000 (177,500) MIRO, JOAN Oiseau 1,100,000 1,850,000 750,000 CEZANNE, PAUL Baigneuses 935,000 1,750,000 815,000 CEZANNE, PAUL Groupe d'arbres 1,312,500 1,750,000 437,500 DAUMIER, HONORE Apres ('audience 1,210,000 1,750,000 540,000 KLEE. PAUL Tief-Ebene (Lowlands) 1,897,564 1,750,000 (147,564) MATISSE, HENRI Rendering of the Barnes Mural in Progress 2,177,500 1,750,000 (427,500) SIGNORELLI, LUCA Study for a Seated Prophet 962,747 1,750,000 787,253 CARPACCIO, VITTORE Study of a Lion 1,850,875 1,700,000 (150,875) LELY, SIR PETER A standing figure of a gentleman from the Processioi 1,794,461 1,648,165 (146,296) DORER, ALBRECHT Saint Eustace 1,143,188 1,500,000 356,813 DORER, ALBRECHT Apocalypse. Passion, Life of the Virgin (Meder 127, 1,400,000 1,500,000 100,000 GIACOMETTI, DIEGO Glass-top Table and Eight Side Chairs 900,000 1,500,000 600,000 KLEE. PAUL Konigsburg 1,265,000 1,500,000 235,000 KLEE. PAUL Gegensatze Abends (Blau and Orange) 1,440,304 1,500,000 59,696 PICASSO. PABLO Portrait of Elie Faure 800,000 1,500,000 700,000 PICASSO. PABLO Etude pour l'acteur and deux profils de Fernande 1,104,150 1,500,000 395,850 REDON, ODILON Les Fleurs du Mal 1,769,219 1,500,000 (269,219) SEURAT. GEORGES La nourrice 1,012,138 1,500,000 487,863 REMBRANDT VAN RIJN Christ Crucified Between Two Thieves (The Three C 1,517,250 1,400,000 (117,250) REMBRANDT VAN RIJN Christ Crucified Between Two Thieves (The Three C 2,384,250 1,400,000 (984,250) GROSZ, GEORGE L'uomo nuovo 1,431,161 1,325,000 (106,161) 66,623,165 6,926,259 Page 3 of 6 EFTA01146275 ART PARTNERSHIP INVENTORY COLLATERAL FOR BOFA LOAN JULY 2014 SOTHEBY'S VALUATION Artist Item Description Total Paid (in USD) Fair Value (% Ownership) or Cost (if not on Appraisal) Fair Value Less Total Paid SUBTOT FMV SUBTOT- UNREAL WRIGHT OF DERBY, JO:A Grotto in the Gulf of Salerno, Morning and A Grottc 1,408,875 1,300,000 (108,875) DE TOULOUSE-LAUTRE La coiffure 1,020,420 1,250,000 229,580 DI CREDI, LORENZO Drapery Study with the Christ Child Standing on the r 1,175,850 1,250,000 74,150 GELLEE, CLAUDE CALL An Extensive Landscape 893,062 1,250,000 356,938 JOHNS, JASPER Untitled 734,906 1,250,000 515,094 REDON. ODILON La Tentation de Saint-Antoine 1,573,244 1,250,000 (323,244) RUBENS, SIR PETER PA Nicodemus 963,010 1,250,000 286,990 DURER, ALBRECHT St. Jerome in his Study (Meder 59, a; Bartsch 60) 1,001,650 1,200,000 198,350 KLEE, PAUL Frauenportrait in Rot (Bertha) 1,375,000 1,200,000 (175,000) KLEE. PAUL Chinesisch II 1,300,500 1,200,000 (100,500) NOGUCHI, ISAMU Personnage III (Ningen 3) 2,147,500 1,200,000 (947,500) PICASSO, PABLO Etude de personnages 1,291,000 1,200,000 (91,000) DURER, ALBRECHT Adam and Eve (Bartsch 1; Meder state Ila of IIId) 1,192,125 1,100,000 (92,125) GIACOMETTI, DIEGO Chandelier 1,449,563 1,100,000 (349,563) DE GOYA, FRANCISCO Los Caprichos 579,880 1,000,000 420,120 DELACROIX, EUGENE Mariee juive a Tenger 1,115,000 1,000,000 (115,000) GERICAULT, THEODORI Untitled (Leda and the Swan) 1,088,750 1,000,000 (88,750) KIRCHNER, ERNST LUD Wettertannen (D. H 392) 1,439,992 1,000,000 (439,992) KLEE, PAUL Exotische Flusslandschaft 1,306,054 1,000,000 (306,054) KLEE, PAUL Die Schlange 1,103,888 1,000,000 (103.888) LIOTARD, JEAN ETIENN JACQUES DE CHAPEAUROUGE (1744 - 1805) 789,180 1,000,000 210,820 MIRO, JOAN Composition 541,250 1,000,000 458,750 SEURAT, GEORGES Rayons 702,049 1,000,000 297,951 SEVERINI. GINO L'autobus 1,418,229 1,000,000 (418,229) PICASSO. PABLO Tete de taureau 627,029 900,000 272,971 COROT, JEAN-BAPTISTE Le Rageur, Foret de Fontainebleau 686,500 850,000 163,500 CEZANNE, PAUL Portrait du fits de ('artiste (recto) and Scene illustrant 783,009 800,000 16,991 DURER, ALBRECHT Melancolia I (Bartsch 74; Meder 75 Ha; Scherbaum 7 790,303 800,000 9,697 INGRES. JEAN-AUGUST Portrait de Mlle. Jeannette Hayard 1,100,000 800,000 (300,000) KIEFER, ANSELM Isis on the Way 1,625,625 800,000 (825,625) MIRO. JOAN Pastorale 1,056,656 800,000 (256,656) PICASSO. PABLO Taureau et cheval 470,271 800,000 329,729 PIRANESI. GIOVANNI An Architectural Fantasy with a Colossal Obelisk 867,000 800,000 (67,000) REDON. ODILON La gloire noyee 453,000 800,000 347,000 BOUCHER, FRANQOIS Sheet of Studies of a Turbanned Head, a Foot, and F 847,857 770,000 (77,857) 35,920,000 (998,228) PRUD'HON, PIERRE-PAL Femme assise tenant une quenouille (Clotho la New 489,927 750,000 260,073 Page 4 of 6 EFTA01146276 ART PARTNERSHIP INVENTORY COLLATERAL FOR BOFA LOAN JULY 2014 SOTHEBY'S VALUATION Artist Item Description Total Paid (in USD) Fair Value (% Ownership) or Cost (if not on Appraisal) Fair Value Less Total Paid SUBTOT FMV SUBTOT- UNREAL GIACOMETTI, DIEGO Chimneypiece 400,000 700,000 300,000 KELLY, ELLSWORTH Diagonal with Curve XVI 1,665,788 700,000 (965,788) REDON. ODILON Beatrice 868,125 700,000 (168,125) TIEPOLO, GIOVANNI DO The Firing Squad 700,000 700,000 MULTIPLE ARTISTS A Selection of Early German Prints 707,688 650,000 (57,688) REMBRANDT VAN RIJN The Three Trees (Bartsch 212: White/Boon, only sta' 704,438 650,000 (54,438) BRUEGEL THE ELDER, F The Rabbit Hunt 677,344 625,000 (52,344) REMBRANDT VAN RIJN A Vagrant Couple with a Dog 672,792 620,000 (52,792) DORER, ALBRECHT Knight, Death and the Devil (Bartsch 98: Meder 74b 592,727 600,000 7,273 FRAGONARD. JEAN-HOI Landscape with a Double Flight of Steps and Eight F 654,913 600,000 (54,913) GAUGUIN, PAUL Te Faruru 520,200 600,000 79,800 PRUD'HON. PIERRE-PM Study for an Allegory of the Rhine River 462,769 600,000 137,231 RICKEY, GEORGE Two Lines Up Excentric - Twelve Feet 762,125 600,000 (162,125) TURNER, R.A., JOSEPH Kilgarren Castle, Pembrokeshire 693,875 600,000 (93,875) DELACROIX. EUGENE Portrait de Schmareck, tanneur a Tanger 800,095 550,000 (250,095) VALDES, MANOLO Ariadna I 695,050 550,000 (145,050) VASARI, GIORGIO Christ Giving Saint Peter the Keys (Le Christ donnan 588,621 535,000 (53,621) BONNARD, PIERRE Marthe sur un divan 300,000 500,000 200,000 COROT, JEAN-BAPTISTE Portrait of Mlle. Jeanne Farochon 1,082,500 500,000 (582,500) COROT, JEAN-BAPTISTE Rome, La Vasque de la Villa Medici 550,000 500,000 (50,000) DE GOYA, FRANCISCO Bulls of Bordeaux: a group of four (El Americana. Bu 714,450 500,000 (214,450) DENIS, MAURICE Jeunes lilies cueillant des fleurs devant la mer 572,400 500,000 (72,400) DUTCH AND FLEMISH, 1 Group of prints including examples by Lucas van Ley 544,375 500,000 (44,375) EARLY ITALIAN AND SP) Group of prints including The Campagnola 544,375 500,000 (44,375) GERICAULT, THEODORI Black Stallion in a Stable 324,750 500,000 175,250 INGRES, JEAN-AUGUST Baronne Charles-Atharase Walckenear. née Marie-J 1,296,630 500,000 (796,630) INGRES, JEAN-AUGUST Portrait presume de Gioacchino Rossini 768,065 500,000 (268,065) MATISSE, HENRI La danse 433,000 500,000 67,000 REDON, ODILON La chute de Phaeton 363,000 500,000 137,000 REDON, ODILON Sujet Allegorique (David et Goliath) 476,300 500,000 23,700 REMBRANDT VAN RIJN Landscape with Three Gabled Cottages Beside a Ro 544,375 500,000 (44,375) SCHAUFELEIN THE ELD A Landsknecht Turned to the Left Carrying a Halberc 354,290 500,000 145,710 SERRA, RICHARD Conrad 538,931 500,000 (38,931) SERRA, RICHARD Olson 538,931 500,000 (38,931) SMITH, DAVID Untitled 462,719 500,000 37,281 TINTORETTO. JACOPO Study of male nude lying on the ground 854,233 500,000 (354,233) 20,830,000 (2,389,799) Page 5 of 6 EFTA01146277 ART PARTNERSHIP INVENTORY COLLATERAL FOR BOFA LOAN JULY 2014 SOTHEBY'S VALUATION Artist Item Description TOURNAI Falconry Tapestry WATTEAU. JEAN-ANTOI Untitled (Cottage) (Landscape after Campagnola) Total Paid (in USD) 300,000 544,375 792.795,007 Fair Value (% Ownership) or Cost (if not on Appraisal) 500,000 500.000 1,003,248.165 Fair Value Less Total Paid 200,000 (44,375) SUBTOT FMV 210,453.158 182 SUBTOT- UNREAL Page 6 of 6 EFTA01146278